Four Questions for Xiaomi

Just five years after it was founded, the Chinese smartphone maker has become the second-most-valued private tech company in the world—worth $45 billion on paper, more than public tech stocks like Sony, Panasonic, LG Electronics and Canon and only a third as much as Samsung Electronics.

In 2013, Xiaomi kept about 10 percent of its net revenue as profit, meaning it had several hundred million dollars in profit that year. That figure would have grown to $1 billion last year, assuming the profit margin held up.

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